Ultima Markets Joins Weekend Gold CFD Club with XAUUSD247 Launch
Ultima Markets has introduced a weekend gold CFD on MetaTrader 5 under the ticker XAUUSD247, making it the fourth broker to do so. The contract is for one ounce of gold and comes with zero commission and a ceiling of 100 lots per position.
The other brokers that have listed the same ticker are Vantage, VT Markets, and TradeQuo/QuoMarkets, which launched their weekend symbol called GOLD247 on September 5. STARTRADER also followed suit on August 21, keeping its conventional XAUUSD running in parallel rather than extending its hours.
The weekend market for gold CFDs is notable as it allows traders to hold positions over the weekend, but the cost of holding remains the same, with all brokers charging negative overnight financing on gold longs. This means that traders can now exit their positions before Monday, but will still be billed for the nights they held the position.
The Financial Services Commission of Mauritius, the Financial Conduct Authority (FCA), and South Africa's Financial Sector Conduct Authority (FSCA) have all been mentioned in relation to Ultima Markets' approval and availability of the product. However, it is not clear which entity offers the product or where it is available.